Muse’s album ‘Will of the People’ will be the first NFT to qualify for the UK charts. Since streaming in 2015, this is the first time a new format has been accepted. This could be a major turning point for the global music industry…
On 26 August 2022, the British rock band Muse release their ninth album: The Will of the People. This album will be marketed in the NFT (non-fungible token) edition and will therefore be the first NFT to enter the charts in the UK and Australia.
This is the first time a new format has been added to the charts since music streaming in 2015. This release is therefore a turning point for the music industry.
NFT black T-shirt
The album will be sold in NFT format through the Serenade platform, are considered more environmentally friendly. In February 2022, this platform was sold the official NFTs for the BRIT Awards for the sum of 10 pounds per unit.
According to Max Shand, founder of Serenade, Muse’s album will be ” NFT black t-shirt ». It will make it possible to democratize this digital format, simplifying transactions.
Indeed, in Shand’s eyes, ” what a fan wants is something simple and understandable, but which gives a feeling of closeness to an artist and some kind of recognition from other fans “.
How to buy the Muse album in NFT?
Unlike many NFTs, it will not be necessary to own a crypto wallet to purchase the album. After making the purchase on Serenade’s website, a digital wallet is created automatically and the NFT is transferred there. However, it is also possible to use your own crypto wallet.
Several months have now passed since the Official Charts Company of the United Kingdom (OCC) licensed albums as NFTs for the diagrams. However, Serenade is the first seller to be recognized as a verified digital merchant.
According to Martin Talbot, CEO of the OCC, “ there has been a lot of noise about NFTs as the future of music, the future of entertainment, the future of real estate. This is great that this is becoming a reality “.
He clarified that Muse’s album did not prompt the OCC to update its eligibility rules. It simply is first album to meet the entry criteria.
In April 2022, British indie rock band Amazon marketed an NFT limited to 100 copies offered with pre-orders of his album ” How do I know if heaven will find me? expected in September. However, this NFT was sold as an accompaniment and not as an independent product.
A rock band with a focus on innovation
For several months, Serenade chatted with Muse’s label, Warner Records, the release of an album in NFT. This group emerged as an obvious choice when they worked with blockchain platform CryptoKitties in 2020 to create digital collectibles.
According to Sebastian Simone, Vice President of Audience and Strategy at Warner Records UK, “ the group has always been at the forefront of technological innovation in his creativity and his art “.
Muse’s NFT album is out for £20 and limited to 1000 copies. Suffice it to say, it will be an object of desire for fans all over the world…
Buyers will receive a download version of the album in high-resolution FLAC format. Every NFT will be digitally signed by Muse members and each of the 1000 purchasers will have their name permanently registered on an official list.
The future of the music industry?
Although this NFT is the first album to be eligible for the charts, it is unlikely that this edition will have a major impact on sales of ” The Will of the People due to the low number of copies.
Anyway, Simone believes that there is ” sure ways ” to affect the charts thanks to NFT. He points out that ” for Muse it’s actually not crucial as they already have tens of thousands of pre-orders. We predict a first place from the week of release “.
Of course, like any NFT, it will be possible to resell it. note that 15% of the resale price is donated to the groupWarner Music and Universal Music Publishing.
On the other hand, OCC confirms that the resale of the album will not be are not considered new sales for the diagrams. Artists will therefore not be able to do that inflate their sales numbers thanks to NFT traffic…
For the future we can imagine additional bonuses and rewards added to the album over time. NFT will be able to be enriched, as clips accompany the album, regardless of where the group gives concerts.
Either way, Simone says Warner is convinced NFTs represent the future of the industry musical. He announces that other similar projects are already planned and that Muse’s album will be “ the start of the doorway »…